* Greece deal helps lift futures
* Initial claims beat expectations
* Futures up: Dow 28 pts, S&P 0.7 pt, Nasdaq 3.25 pts
* For up-to-the-minute market news, see
(Adds quote, updates prices, BoE decision, PepsiCo results)
NEW YORK, Feb 9 (Reuters) - U.S. stocks were set for a
slightly higher open on Thursday after Greek leaders
clinched a long-stalled deal on reforms and data indicated the
U.S. labor market continued to improve.
Futures reversed losses and turned positive after sources
said leaders from major Greek parties had agreed on reforms and
austerity measures needed in exchange for a new bailout package
to avoid a chaotic default.
Also bolstering the tone was a report showing jobless claims
fell last report, underscoring a firming in the labor market,
following a better-than-expected payrolls report last week.
But gains sparked by the news from Greece were somewhat
muted as stocks have been decoupling from events in Europe this
year, leaving the possibility for investors to book some profits
as the S&P 500 has risen more then 7 percent year to date.
"There is definitely a whiff of sell the news in the air,
just given the claims number and the Greek deal. We've climbed
this wall of worry and the first reaction for people is to hit
the sell button," said Michael Marrale, managing director and
head of sales trading at RBC Capital Markets in New York.
"It's tough to find any real reasons to sell here that
haven't been fully flushed out in the marketplace outside of the
move we've made."
S&P 500 futures added 0.7 point and were slightly
above fair value, a formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration on
the contract. Dow Jones industrial average futures gained
28 points, and Nasdaq 100 futures rose 3.25 points.
European shares extended gains on the news, with the
FTSEurofirst 300 index of top European shares up 0.6
percent.
The European Central Bank held its main interest rate at 1.0
percent on Thursday. Markets were watching to see whether the
bank is ready to help Greece avoid a messy default.
The Bank of England voted to inject another 50 billion
pounds into the financial system as part of its efforts to shore
up a fragile recovery.
Wholesale inventories for December from the Commerce
Department at 10 a.m. EST (1500 GMT).
PepsiCo Inc fell 2.9 percent to $64.80 premarket
after the beverage maker posted higher quarterly profit, said it
will cut 8,700 jobs and spend $500 million to $600 million to
boost sales in North America.
Cisco Systems Inc posted second-quarter results
that beat estimates after the close Wednesday and hiked its
quarterly dividend. Shares dipped 1.1 percent to $20.21 in
premarket trading.
Groupon Inc slumped 10.5 percent to $22 premarket.
The daily deal website's posted an unexpected loss in the first
quarterly report since it went public.
Other companies expected to post results Thursday include
Expedia Inc Pitney Bowes Inc and Philip Morris
International Inc.
Through Wednesday morning, of the 315 companies in the S&P
500 that have reported earnings to date, 61.0 percent have been
above analyst expectations, tracking below the pace of recent
quarters.
Taleo Corp surged 17 percent to $45.57 after Oracle
Corp said it would buy the recruitment software maker
for about $1.9 billion. Oracle edged up 0.3 percent to $28.81.
(Reporting By Chuck Mikolajczak; editing by Jeffrey Benkoe)
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